This article was written by Yael Warman, Content Manager at Leverate.
If your marketing materials don’t yet have a split personality, you are being left behind.
For a few years now, we’ve seen companies personalize their marketing efforts through email marketing. In this day and age however, putting a customer’s name at the top of an e-mail is not enough. We are standing now on the verge of a new revolution in terms of personalization.
According to data collected by HubSpot, CTAs that are targeted to the user in a personalized way have a 42% higher view-to-submission rate compared to CTAs that were the same for all customers. A different study by Monetate/eConsultancy found that marketers who personalize their web experiences see an average of 19% uplift in sales.
How should FX brokers take advantage of personalization in order to increase conversion and retention?
Dynamic Website Personalization (DWP)
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The first impression a potential trader has of your brokerage is your website and as the saying goes, ‘there is no second chance to make a good first impression’, so make sure that first impression counts. When a client comes to your site for the first time, they may be looking for information that will help them make an educated decision. Returning customers, however, are looking for something more meaningful and if you show them the same content that you did on their first visit, you are missing out on a valuable opportunity to move them further along the conversion funnel.
Personalizing the trading platform
Analyzing trader activity and past behavior within the trading platform and re-designing the content displayed in a manner that reflects the trader’s interests can help you maximize engagement, loyalty and volume. From using multi-channel in-platform messaging in order to guide the trader through the conversion funnel and encourage them to trade once they convert, to showing them news that relates to their preferred traded instruments and opening the platform on the chart of their last traded instrument, personalizing the trading experience can show clients that you are paying attention to their true interests, therefore building loyalty and increasing sales.
From e-mail communication to SMS dripping and implementing deep links, you can personalize your communication with traders in order to guide them through the marketing funnel and encourage varying actions, such as opening an account, making a deposit or opening a position. Deep links that are included in SMS communication can take the trader directly to their preferred instruments for example, or to the news affecting the volatility of an instrument that they customarily trade.
By dynamically changing the content of your marketing material based on a set criteria, such as demographics, visitor behavior (on past visits as well as current visit), actions, stage inside the conversion process, interests and preferences etc, you can effectively move the trader down the conversion funnel and dramatically shorten the sales cycle and/or retain them better, thus increasing their lifetime value.
Simply replacing a certain CTA with a new one can make a huge difference. CTAs can evolve from soft, educational ones, such as “download our forex trading 101 e-book”, to stronger CTAs encouraging them to open an account, deposit or open a position.